Legal action which could result in Ireland's one-time richest man Sean Quinn being jailed was adjourned at Dublin high court on Friday.

Sean Quinn, his son Sean Junior and nephew Peter Quinn are facing contempt of court charges as part of an action taken by the former Anglo Irish Bank.

The now state-owned bank known as the Irish Bank Resolution Corporation claims the trio are in contempt of court over the alleged transfer of millions of euros in foreign property assets.

But the judge at Dublin high court adjourned the case against the Quinns until 22 March.

The bank argued the hearing should go ahead as soon as possible, but lawyers for the Quinn family said they needed time to prepare time for their response.

Mr Justice Frank Clarke said the application for a contempt of court hearing was by definition a serious matter.

He said there was a significant degree of urgency that it should be heard but he was giving time for the Quinn family to prepare their case.

Last month Quinn was declared bankrupt in the Republic of Ireland, having lost a legal battle to have the bankruptcy declared in Northern Ireland, where he would have been banned from trading for only a year. Under the Republic's stricter rules he could be banned for 12 years.